Home prices continued higher in March and picked up pace from the previous month according to the latest index from S&P CoreLogic Case-Shiller
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Home prices continued higher in March and picked up pace from the previous month according to the latest index from S&P CoreLogic Case-Shiller.
The National Home Price NSA Index was up 5.8% in the 12-months to March, up from 5.7% in the previous month. There were gains of 5.2% and 5.9% for the 10-city and 20-city composites, these were unchanged from February.
The highest gains among the 20 cities were seen in Seattle (12.3%), Portland (9.2%) and Dallas (8.6%).
“While there is some regional variation, prices are rising across the U.S. Half of the 20 cities tracked by the S&P Corelogic Case-Shiller indices rose more than 6% from March 2016 to March 2017. The smallest gain of 4.1%, in New York, was roughly double the rate of inflation,” commented David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
Month-over-month gains before seasonal adjustment were 0.8% with a 0.9% rise for the 10-city and 1% rise for the 20-city composites.
Inventory continues to drive price rises and Blitzer says that reluctance to move is a key reason.
“If mortgage rates, currently near 4%, rise further, this could deter more people from selling and keep pressure on inventories and prices,” he said. “While prices cannot rise indefinitely, there is no way to tell when rising prices and mortgage rates will force a slowdown in housing.”
The National Home Price NSA Index was up 5.8% in the 12-months to March, up from 5.7% in the previous month. There were gains of 5.2% and 5.9% for the 10-city and 20-city composites, these were unchanged from February.
The highest gains among the 20 cities were seen in Seattle (12.3%), Portland (9.2%) and Dallas (8.6%).
“While there is some regional variation, prices are rising across the U.S. Half of the 20 cities tracked by the S&P Corelogic Case-Shiller indices rose more than 6% from March 2016 to March 2017. The smallest gain of 4.1%, in New York, was roughly double the rate of inflation,” commented David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
Month-over-month gains before seasonal adjustment were 0.8% with a 0.9% rise for the 10-city and 1% rise for the 20-city composites.
Inventory continues to drive price rises and Blitzer says that reluctance to move is a key reason.
“If mortgage rates, currently near 4%, rise further, this could deter more people from selling and keep pressure on inventories and prices,” he said. “While prices cannot rise indefinitely, there is no way to tell when rising prices and mortgage rates will force a slowdown in housing.”
